Due to the decline in the US stock market... KOSPI falls below 3000 again

Early Session Foreigners and Institutions Show Strong Selling Pressure

[Image source=Yonhap News]

[Asia Economy Reporter Minwoo Lee] The KOSPI has fallen below 3000 again. As the US stock market showed consecutive declines, it appears to have negatively impacted the domestic stock market as well.

On the 24th, the KOSPI opened at 2996.32, down 0.28% (8.42 points) from the previous day. By 9:20 a.m., the decline had deepened to 2981.34.

Foreigners and institutions continued their selling trend. They net sold 146.6 billion KRW and 61.3 billion KRW respectively. Individuals net bought 204 billion KRW.

All sectors except telecommunications (0.38%) were in decline. The transportation equipment sector had the largest drop at -2.21%, followed by steel & metals (-1.86%), medical precision (-1.74%), and textiles & apparel (-1.62%).

Most of the top 10 sectors by market capitalization fell. Hyundai Motor had the largest decline at -2.4%, followed by NAVER (-2.0%), Kia Motors (-1.9%), SK Hynix (-1.8%), Samsung Electronics (-1.1%), Kakao (-0.8%), and Samsung Biologics (-0.5%). Samsung SDI (1.7%), LG Chem (1.1%), and Celltrion (0.1%) rose.

The KOSDAQ also opened slightly down at 946.23, a 0.01% (0.08 points) decrease from the previous day. At the same time, it recorded 943.88.

In the KOSDAQ market, foreign and institutional selling was also prominent. They net sold 18.1 billion KRW and 32.4 billion KRW respectively, while individuals alone net bought 58.9 billion KRW.

Almost all sectors declined. Transportation equipment & parts (-1.74%), textiles & apparel (-1.73%), internet (-1.36%), and chemicals (-1.17%) were among the largest decliners. Only non-metallic minerals (3.48%), paper & wood (0.12%), and distribution (0.10%) sectors rose.

Most of the top 10 stocks by market capitalization also declined. Alteogen had the largest drop at -2.0%, followed by Studio Dragon (-1.6%), CJ ENM (-1.0%), SK Materials (-0.6%), Seegene (-0.5%), Pearl Abyss (-0.3%), and Celltrion Pharm (-0.1%). EcoPro BM (1.1%), Celltrion Healthcare (0.7%), and Kakao Games (0.3%) rose.

Researcher Daeseok Kang of Eugene Investment & Securities explained, "Following concerns over rising interest rates, the resurgence of COVID-19 in Europe and worsening US-China relations have spread to Europe and Russia, creating a lack of a focal point. In this momentum lull phase, the investment enthusiasm of individual investors is cooling down."

This content was produced with the assistance of AI translation services.